To report $9,000 Cost of Goods Sold in TurboTax Online, follow these steps:
- Within the self-employment activity, at the screen Here's your info, select Import expense transactions. Select Inventory as an expense.
- At the screen Do you have inventory for your work?, select Yes.
- At the screen Did you use the cost method to value inventory, select Yes.
- At the screen Let's get the value of inventory, enter the beginning and ending inventory.
- To record the $9,000 cost of sales report $0 for both the beginning and ending inventory.
- At the screen Let's get the cost of goods, enter $9,000 under Cost of Purchases.
Schedule C Part III Cost of Goods Sold will reflect $9,000. In TurboTax Online, view the entries at Tax Tools / Print Center / Print, save or preview this year's return / Include government and TurboTax worksheets.
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